The Role of Iron and Steel Industry in India GDP is very important for the development of the country. In India the visionary Shri Jamshedji Tata set up the first Iron and Steel manufacturing unit called Tata Iron and Steel Company, at Jamshedpur in Jharkhand. Iron and steel are among the most important components required for the infrastructure development in the country.
Role of Iron and Steel Industry in India GDP-Facts
- The Iron and Steel Industry in India is one of the fastest growing sectors
- The demand drivers for the Indian Iron and Steel industry are increase in the activities of the automobiles industry, real estates industry, transportation system, aircraft industry, ship building industry, etc.
- India ranks 5th in the world in terms of production of steel
- The amount of crude steel produced in 2006-07 was 50.71 million tonnes
- The amount of finished steel produced in 2006-07 was 51.9 million tonnes
- The production of finished steel was increased by 16.52%
- The production of finished carbon steel was 24.8 million tonnes in the year 2006-07
- It is expected that India would become the second biggest producer of steel within the year 2016 and the production per year would be 137 million tonnes
- The exports pertaining to the steel industry was 6.26 % during the period 2006-07
Role of Iron and Steel Industry in India GDP-Consumption
- The domestic consumption of steel has grown by12.5% in the past three years
- The domestic steel consumption in the year 2006-07 was 41.14 million tonnes
- The average growth rate of the Indian Iron and Steel Industry is 11.36%
- The construction projects all over India are major consumer of steel
- The per capita consumption of steel in India is 35kgs
- As the per capita consumption of steel is lower than other countries, so the steel industry has huge opportunities in the future
Role of Iron and Steel Industry in India GDP-Growth in Future
- The Arcelor Mittal, which is the largest steelmaker in the world, has plans of establishing two Greenfield steel projects with capacity of 12 million tonnes annually, in India
- Acerinox SA, one of the important stainless steel manufacturers in collaboration with Nisshin Steel, Japan is setting up a steel plant in India
- The Tata Steel ranks 5th in the world steel production and the company have plans of expanding its capacity by the year 2015
- SAIL, India's biggest producer of steel has plans of increasing the production to 24.98 million tonnes annually
- Sinosteel Corp, China are planning to invest US$ 4 billion to set up a 5 million tonnes capacity Greenfield steel plant
- The acquisition of the Corus, the Anglo-Dutch steel manufacturer by the Tata Steel
- The Algoma Steel, Canada was acquired by Essar Global for US$ 1.63 billion